Elon Musk steps down as Tesla Chairman after Controversial Tweet

Avakian and Peikin demanded that Musk pay $20 million and be removed as Tesla's chairman for at least three years, harsher terms than were being offered in the scrapped deal, people familiar with the matter said. The appointment of two new Board members, as well as the creation of a committee tasked with "placing additional controls and procedures to oversee" Musk's communications, were warmly received by the Tesla community as well. The shares closed at $307.52 Thursday before the SEC announced its enforcement action over the tweets, in which Musk said he had "funding secured" to take the company private at $420 a share.

Shares of Tesla Inc (TSLA.O) jumped 18 percent on Monday as signs it had met targets for quarterly production numbers added to relief at Chief Executive Elon Musk's settling a lawsuit with regulators that could have forced him out.

The charges come after Musk claimed in August via a series of tweets that he was planning to take the electric auto maker private, and implied that such a move was imminent with "funding secured". Tesla itself has also been slapped with a $20 million fine by the SEC, making Musk's tweet one of the most expensive in history.

The SEC's lawsuit had sought to bar Musk from serving as an officer or director of a public company, a prospect that rattled investors.

Even after the stock's slide from last year's peak, Tesla is valued at $45.2 billion in the stock market.

In any case, the $40 million, which will be distributed to harmed shareholders after a court-approved process, are but a very small fraction of the more than $7 billion lost due to the whole debacle.

It ends a case that began in August, shortly after the publications made by Elon Musk and that ended up not having any progress, and the company maintained its position in the stock market.

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", said SEC enforcement division co-director Steven Peikin.

After filing the lawsuit, SEC officials were anticipating a drawn-out legal battle, but settlement talks started up again late Friday after Musk's attorney Steven Farina sent an email asking to reopen the discussions.

Related Articles

Flake, a key Republican swing vote, was the center of attention on Friday as he conferred with longtime friend and Democratic Sen. Kavanugh has denied the accusations from Ramirez and Swetnik and has said emphatically that he never abused or assaulted anyone.

Jurgen Klopp took no chances by making sure Mohamed Salah celebrated Liverpool's equaliser against Chelsea at Stamford Bridge. Head coach Sarri reiterated after the 1-1 draw that he believes Hazard can score 40 goals this season.

Flight PX73 flies from Tokyo's Narita International Airport to Papua New Guinea's capital, Port Moresby, via Pohnpei and Chuuk. We came in very low and unfortunately the flight attendants panicked and started yelling and I was trying to be calm and help.

Three quakes of 4.9 and larger magnitudes were recorded up to three hours before the tremor near Palu , the USGS said. The South Korean embassy in Indonesia said it's trying to locate one South Korean national who was in the region.

The court said it deprived women of dignity and individual choice and "gives license to the husband to use women as a chattel". Khanwilkar, observed that Section 497 ( adultery ) of the Code "commands" married couples to remain loyal to each other.

That continued Thursday, as women and men across the country watched and listened to the testimony and shared their own stories. Mitchell has been recognized in the legal community for her experience and objectivity", Judiciary Chairman Charles E.

The German will have been encouraged by Shaqiri's impact and may feel he can use him in Saturday's trip to Stamford Bridge. Two well-matched teams slug it out for 90 minutes and up pops a special talent to make all the difference.

Guardiola has been impressed by the 22-year-old's contribution but says he can not rest on his laurels now he is back in the team. Star playmaker Ilkay Gundogan was the star of the show during Man City's win over Cardiff City last weekend.

The actress had been riding in a vehicle in what TMZ has said is Moscow when she spotted a homeless family by the roadside. As she tries to get a hold of one of the children, the mom appears to push Lohan and the video ends with Lohan crying.

Mitchell, a sex crimes prosecutor in Phoenix, was described by defense lawyer Adam Feldman as a "zealous advocate for the truth". Kavanaugh will deny all of the allegations but will tell the committee that he was "not perfect" in high school.

Articles

Crushing foursomes sweep puts Europe 5-3 ahead
Woods arrived in Paris on a high after ending a five-year victory drought when he won the Tour Championship in Atlanta on Sunday. And so he didn't say this lightly on Saturday night: "History will show me and everybody in that team that this is not over.

Sushma blames Pakistan for sabotaging peace talks
Guterres also lauded Islamabad's role in world peace, saying that it is an important member of the United Nations body. Schools all over India had observed two minutes of silence in their memory", she said.

Trump says China wants to see him lose polls, triggering denial
A Chinese Foreign Ministry spokesperson argued as much when asked about the advertisement, saying, "Many foreign media do that". He said: "Regrettably we find China has been trying to interfere in our upcoming 2018 election and against my administration".